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Afghanistan’s banking situation improving: Union
Officials at the Private Banks Union say the situation of banks in Afghanistan is improving and that currently 12 banks, including three state banks and two foreign banks, are active in the country and that together these banks have 400 branches across the country.
“In 34 provinces, 400 branches of these banks have been opened and they are accessible everywhere. Four banks have invested about 40 billion afghanis in different sectors and provide salaries to 800,000 employees,” said Najibullah Amiri, CEO of the Private Banks Union.
Meanwhile, Da Afghanistan Bank (DAB) officials say they have supported private banks over the past two years so they can provide services to their customers in a normal way.
“Our technical meetings with commercial banks continue so that we can level the service field for our compatriots in all banking sectors,” said a DAB spokesman, Hasibullah Noori.
In the meantime, investors say they still face problems withdrawing money. They say they hope restrictions on the amount allowed to be withdrawn will be lifted soon.
Economists meanwhile say that private banks have had to deal with many challenges over the past two years and that the central bank needs to step up support.
“The situation in the banks has become relatively good and the important thing is that people’s trust should be regained gradually to these banks.
DAB allows individuals to withdraw up to $600 dollars from their accounts in a week, but traders can withdraw up to $40,000 dollars in a week.
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Afghanistan embassy in Malaysia marks five years of IEA rule
The Embassy of the Islamic Emirate of Afghanistan in Malaysia on Tuesday held a ceremony to commemorate the fifth anniversary of the Islamic Emirate’s return to power. The event was attended by Malaysian government officials and diplomats, religious scholars, members of royal families, representatives of international and Islamic organizations, Afghan traders and Afghans living in Malaysia.
Naqibullah Ahmadi, the acting head of the embassy, described the anniversary as the result of the courage and sacrifices of the Afghan people and highlighted progress over the past five years in security, stability, economic growth, infrastructure and public services.
He emphasized balanced engagement with the international community and called for expanded cooperation between Afghanistan and Malaysia in trade, transit, agriculture, mining and investment.
Meanwhile, Dato’ Ahmad Azam Abdul Rahman, Special Adviser to Malaysia’s Foreign Minister, congratulated Afghanistan on the fifth anniversary of the victory and emphasized the continuation of relations between the two countries.
He expressed Malaysia’s readiness to share its experience in Islamic banking, halal certification, public health, agriculture, mining and good governance.
The ceremony also featured a video presentation highlighting developments in Afghanistan over the past five years. The event concluded with prayers for lasting peace, prosperity and national unity in Afghanistan.
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Qatar’s ambassador visits Panjshir for first time, discusses development projects
Panjshir’s media office says that Mirdif Al-Qashouti, Qatar’s ambassador to Afghanistan, has visited Panjshir for the first time, following efforts by the provincial administration to attract investment and development projects.
Mohammad Agha Hakim, the governor of Panjshir, described relations between Afghanistan and Qatar as important during his meeting with the Qatari ambassador and called for increased investment by Islamic countries and Arab businessmen in the province.
Highlighting Panjshir’s potential in horticulture, agriculture and mining, he said apples, cherries, grapes and walnuts are among the province’s key products and that investment opportunities are available in these sectors. According to him, mining operations are currently underway at around 600 mines, while around 2,000 additional mines have been identified.
The Qatari ambassador described Afghanistan as a brotherly country and a longstanding friend of Qatar and reaffirmed his country’s support for Afghanistan. He said Qatar is committed to implementing various projects in Panjshir and plans to invest in establishing companies to process the province’s fresh and dried fruits.
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MoU signed to establish joint-stock company to boost investment in Afghanistan
A memorandum of understanding (MoU) has been signed between the Afghanistan Chamber of Commerce and Investment and the Chamber of Industries and Mines to establish a joint-stock company aimed at financing major economic and infrastructure projects and promoting investment in Afghanistan.
The agreement was signed on Tuesday at the Government Media and Information Center in the presence of Mullah Abdul Ghani Baradar, Deputy Prime Minister for Economic Affairs.
Speaking at the ceremony, Baradar said the new company would provide a structured mechanism for mobilizing private capital to finance large-scale economic and infrastructure projects.
He said the private sector has a key role to play in Afghanistan’s economic growth, particularly in boosting domestic production, creating jobs, expanding exports and financing major development projects.
Baradar said the company would pool the capital of traders, industrialists and investors under an organized, transparent and legal framework, allowing their combined resources to be used for major projects.
He also said the Islamic Emirate had created a secure environment for investors and industrialists and was working to streamline administrative procedures, provide legal and economic facilities, and remove barriers to investment.
Baradar called on traders, industrialists and investors to pool their resources and jointly invest in Afghanistan’s economic development. He also urged government institutions to provide comprehensive support to the private sector.
Under the agreement, the joint-stock company will focus on implementing infrastructure projects across various sectors and is expected to create new opportunities for investment in the country.
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